M.K. Real Estate Development PCL (BKK:MK) Beneish M-Score : -2.59 (As of May. 25, 2024)

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What is M.K. Real Estate Development PCL Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for M.K. Real Estate Development PCL's Beneish M-Score or its related term are showing as below:

BKK:MK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.34 Max: 5.97
Current: -2.59

During the past 13 years, the highest Beneish M-Score of M.K. Real Estate Development PCL was 5.97. The lowest was -3.45. And the median was -2.34.

M.K. Real Estate Development PCL Beneish M-Score Historical Data

The historical data trend for M.K. Real Estate Development PCL's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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M.K. Real Estate Development PCL Beneish M-Score Chart

M.K. Real Estate Development PCL Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.78

-1.78

0.25

-1.23

-3.07

M.K. Real Estate Development PCL Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.95	-3.33	-3.10	-3.07	-2.59

Competitive Comparison of M.K. Real Estate Development PCL's Beneish M-Score

For the Real Estate - Development subindustry, M.K. Real Estate Development PCL's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

M.K. Real Estate Development PCL's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, M.K. Real Estate Development PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where M.K. Real Estate Development PCL's Beneish M-Score falls into.

M.K. Real Estate Development PCL Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of M.K. Real Estate Development PCL for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1908

0.528 * 1.5631

0.404 * 1.2248

0.892 * 0.9574

0.115 * 0.7477

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9453

4.679 * -0.126284

0.327 * 1.0629

-2.59

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ฿1,947 Mil.
Revenue was 346.84 + 289.849 + 701.252 + 848.843 = ฿2,187 Mil.
Gross Profit was 69.64 + 51.507 + -13.584 + 432.693 = ฿540 Mil.
Total Current Assets was ฿4,250 Mil.
Total Assets was ฿20,045 Mil.
Property, Plant and Equipment(Net PPE) was ฿6,151 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿411 Mil.
Selling, General, & Admin. Expense(SGA) was ฿948 Mil.
Total Current Liabilities was ฿7,135 Mil.
Long-Term Debt & Capital Lease Obligation was ฿6,552 Mil.
Net Income was -527.522 + -356.229 + -338.325 + 33.61 = ฿-1,188 Mil.
Non Operating Income was -155.909 + 34.416 + 128.162 + 113.809 = ฿120 Mil.
Cash Flow from Operations was -2.155 + 302.943 + -258.644 + 1180.28 = ฿1,222 Mil.

Total Receivables was ฿1,708 Mil.
Revenue was 421.613 + 400.374 + 1014.372 + 447.814 = ฿2,284 Mil.
Gross Profit was 149.852 + 119.577 + 475.454 + 137.221 = ฿882 Mil.
Total Current Assets was ฿5,755 Mil.
Total Assets was ฿19,119 Mil.
Property, Plant and Equipment(Net PPE) was ฿5,854 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿287 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,048 Mil.
Total Current Liabilities was ฿6,474 Mil.
Long-Term Debt & Capital Lease Obligation was ฿5,809 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1946.68 / 2186.784)	/	(1707.602 / 2284.173)
	=	0.890202	/	0.74758
	=	1.1908

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(882.104 / 2284.173)	/	(540.256 / 2186.784)
	=	0.386181	/	0.247055
	=	1.5631

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (4249.587 + 6150.827) / 20045.114)	/	(1 - (5754.729 + 5853.892) / 19119.356)
	=	0.48115	/	0.392834
	=	1.2248

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	2186.784	/	2284.173
	=	0.9574

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(287.434 / (287.434 + 5853.892))	/	(410.712 / (410.712 + 6150.827))
	=	0.046803	/	0.062594
	=	0.7477

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(948.456 / 2186.784)	/	(1048.054 / 2284.173)
	=	0.433722	/	0.458833
	=	0.9453

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((6552.405 + 7135.416) / 20045.114)	/	((5809.211 + 6474.077) / 19119.356)
	=	0.682851	/	0.642453
	=	1.0629

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-1188.466 - 120.478	-	1222.424)	/	20045.114
	=	-0.126284

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

M.K. Real Estate Development PCL has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

M.K. Real Estate Development PCL Beneish M-Score Related Terms

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M.K. Real Estate Development PCL (BKK:MK) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » M.K. Real Estate Development PCL (BKK:MK) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

No. 345, Surawong Road, 6th - 8th Floor, 345 Surawong Building, Suriyawong Sub-District, BangRak District, Bangkok, THA, 10500

Website

https://www.mk.co.th

M.K. Real Estate Development PCL is a Thailand based real estate developer. Its principal activities are land and building development, house and condominium construction, building and parking rental and golf course business. Its business is divided into five segments including Real estate, Rental warehouse, factory, and others, Golf services and sport club, Property management, and Health and wellness center. Its house construction consists of a single house, twin house, and townhome. The company generates the majority of the revenue from the real estate division.

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